The agreement between the creditor and the debtor may authorize the creditor to repossess the collateral in case of default.

Name: The agreement between the creditor and the debtor may authorize the creditor to repossess the collateral in case of default.
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This statement is true. When a borrower defaults on a secured loan, the lender has the right to repossess the collateral. This is typically outlined in the loan agreement that is signed by both parties.

The Agreement Between the Creditor and the Debtor May Authorize